I had said pass a land acquisition law for infrastructure. Mandatory acquisition of land that’s what China did almost 30 years ago. Without that you cannot do infrastructure. Without infrastructure, don’t talk about GDP rising, doesn’t make sense. The second is to set up coastal enclave economy, where the existing rules don’t apply like Shenzen. These are production-based enclave economies. Eventually, they will become big cities like Shenzen. The third, I said privatize state-run enterprises to finance infrastructure. At that time, money was still difficult to come and that was a source of revenue. Now, that is less important because the world is full of capital. The first two issues are still relevant, very important. You know what they did with the export processing zones? They got these project-based export processing zones. It was just crony capitalism, gave benefits to some people. It’s terrible.

Dr. Andy Xie 謝國忠, is an independent economist, director of Rosetta Stone Advisors and is one of the few economists who has accurately predicted economic bubbles including the 1997 Asian Financial Crisis and the more recent subprime meltdown in the United States.

He was a part of Morgan Stanley in 1997 and the Managing Director and Head of the firm’s Asia/Pacific economics team until 2006. He also spent two years with Macquarie Bank in Singapore, an associate director in corporate finance and five years as an economist with the World Bank.

Dr. Xie earned a PhD in economics in 1990 and an MS in civil engineering in 1987 from the Massachusetts Institute of